Small business looking to increase sales quickly? Discount codes made available to the whole of your audience can provide fantastic short-term profit boosts, but use them indiscriminately and they can have a serious impact on your sales longer‐term. There are a wide range of different voucher marketing tactics you can employ to supercharge both your acquisition and retention strategies without impacting on profit margins. Here are four ways to supercharge your vouchers in August:
1) Flash Sale Campaign
“20% off voucher for our first 100 customers only!” Great for: Quick wins and high volumes. Voucher codes that are time-sensitive play on the well-established human instinct of loss aversion, which triggers impulse buying.
• Use this type of promotion sparingly or your customers will come to expect it of you and wait before purchasing.
2) Increased Order Value Campaign
“Get 10% off when you spend over £50 with this voucher code” Great for: Winning back disengaged customers. By focusing on how much money the customer is saving, they will be prepared to splash out on something extra that they couldn’t otherwise have afforded at full price. The net result is that your average order value increases.
• Make sure the amount the customer is saving is made explicit along every step of the customer journey to encourage a bigger spend
• Only offer out to your whole audience during off-peak periods, or if you are promoting through an email campaign, segment your data to only include those customers who have not spent with you in the last two months.
3) Exclusive Promotion Campaign
“As a little thank you from us, use this unique code to claim your free gift at checkout” Great for: Building loyalty Offering an exclusive discount to your social channels, email subscribers, etc., not only increases sales but helps give a boost to your social efforts too, for example, providing a new voucher code once you have reached a new Twitter milestone
• These are some of your most loyal customers, so only make these available during off-peak periods
• Use unique voucher codes to prevent anybody from using the promotion
4) Seasonal Campaign
“Up to 50% off Summer Sale ends this Friday” Great for: Lower value higher volume sales Customers always expect to see discounts at certain points in the year such as New Year, Black Friday, Cyber Monday, etc. Seasonal promotions can also give customers a reason to shop with you even if it’s typically an off-peak period for your business. Mix up your promotion styles to keep your audience engaged e.g. “Free red rose when you spend over £25 on chocolates this Valentines Day”. Every business is different, so test and analyse the performance of your voucher marketing every step of the way to achieve the best results.